NEW YORK (TheStreet) --Apple (AAPL) - Get Report posted better-than-anticipated earnings results for the 2016 fourth-quarter after the market close on Tuesday. The Cupertino, CA-based tech titan reported earnings of $1.67 per share, topping analysts' expectations of $1.66 per share. Revenue came in at $46.9 billion, in line with Wall Street's projections.

"I think as you look at the supply challenges they're facing, the results looked pretty good. I thought the December quarter guidance looked encouraging and they are expecting a slight return to growth," Robert W. Baird director Will Power said during Wednesday morning's "Squawk Box" on CNBC.

Power expects the growth to accelerate into Apple's next product cycle. Moreover, Power commented on the company increasing its spending in research and development.

"A lot is being spent for products that will be out in three, four, and five years. What do they do on the car front, what do they do with content, and what are they doing with TV? They are all elements that I think they're still looking at and working on," he noted.

That said, Powers believes the increased spending does not hinder Baird's positive sentiment on Apple, given the company's overall profile.

Additionally, prior to Apple's results Power had a $115 price target on Apple's stock. Since the results, however, he has increased that to $133.

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Separately, TheStreet Ratings Team as a Buy with a ratings score of B+ on Apple stock.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AAPL

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